Self-employment and fica tax

Assignment Help Financial Accounting
Reference no: EM131289635

Kyle worked as a free-lance software engineer for the first three months of 2016. During that time, he earned $88,000 of self-employment income. On April 1, 2016, Kyle took a job as a full-time software engineer with one of his former clients, Hoogle Inc. From April through the end of the year, Kyle earned $204,000 in salary.

What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year?(Round your intermediate calculations to the nearest whole dollar amount.)

Self-employment/FICA tax:

Reference no: EM131289635

Questions Cloud

Company is considering manufacturing new product : A company is considering manufacturing a new product. They would be leasing a building at a cost of $20,000 per year. The equipment would cost $300,000 and an extra $100,000 would be needed in working capital. After that the equipment can be sold for..
Develop a presentation for business owners : Develop a presentation for business owners that describes mobile marketing. Outline its advantages and disadvantages.
Implicit cost of running a business : Determine if each of the following economic statements is correct or incorrect and explain your answers. (a) Increasing energy cost incurred in production will push up the implicit cost of running a business.
What is going to be companys eps after the recapitalization : What's going to be the company's EPS after the recapitalization? What's going to be the company's new stock price? The $3.88 million EBIT discussed above is determined from this probability distribution.
Self-employment and fica tax : Kyle worked as a free-lance software engineer for the first three months of 2016. During that time, he earned $88,000 of self-employment income. What amount of FICA taxes. Self-employment/FICA tax:
Should marketers have access to such information : Should marketers have access to such information? Discuss the advantages and disadvantages of this activity for both marketers and consumers.
What are the consequences of each-what if-situation : Describe how each of the suggested "what if" challenges could be overcome.From a legal perspective, describe the pros and cons of hiring an independent contractor to manage security at the event.
What is the rate of flow in cubic meters per second : An automobile is driving into a 45-mph headwind at 40 mph. If the barometer reads 29 in. Hg and the temperature is 40°F, what is the pressure at a point on the auto where the wind velocity is 120 fps with respect to the auto?
Marginal factor cost for the eleventh worker : Suppose that a monopsonist increases the number of workers hired from 10 to 11. If the market wage increases from $20 per worker to $21 per worker, the marginal factor cost for the eleventh worker is:

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is their child and dependent care credit

What is their child and dependent care credit? Please show your calculations and explain. Be sure to consider any and all limitations on the credit allowed.

  Cash account is provided by the statement of cash flows

What information about the cash account is provided by the Statement of Cash Flows that cannot be obtained from the Balance Sheet or from the Income Statement? What is the difference between a trading security and an available-for-sale security? Why ..

  Accounting problem 3 acquisition entry and consolidation

3. acquisition entry and consolidation working paper on january 31 2014 phoenix inc. acquired all of the outstanding

  When purchasing equity securities above fair value

When purchasing equity securities above fair value, and the excess is only attributable to goodwill. Is the excess amount from goodwill included in the recorded amount of the investment?

  Quarter absorption costing net operating income

SmoothIt Inc is facing a problem with their 4th quarter absorption costing net operating income on December 23rd. How many units need to be produced for inventory to meet net operating income target if sales commission is left unchanged at 4% ?

  How executives of corporate america have embraced

Analyze how executives of corporate America have embraced the new regulations and requirements of the Sox Act while maintaining their purpose to produce a profit for investors and staying in compliance of the new rules in the industry.

  Qualitative assessment option for impairment testing

As of December 31, 2012, NPR, Inc. has patents and trademarks on its balance sheet. NPR has decided it does not want to use the qualitative assessment option for impairment testing on its trademark for US GAAP.

  Self employed individual-pays state income tax payments

Brian had a tax overpayment of $500 on his 2013 state income tax return and applied this to his 2014 state income taxes. What is the amount of Brian's state income tax itemized deduction for his 2014 Federal income tax return?

  Pension expense is recognized for the current year

A local firm sponsors a defined contribution pension plan for its full-time employees. Under the plan, the firm is obligated to contribute an amount that matches the employee’s contribution up to a maximum of 5% of gross salary. The firm often is a f..

  Budgeted income statementnbsp static and flexible

budgeted income statementnbsp static and flexible budgeted income statement variable costing variance

  What amount of goodwill should jz record

XYZ Company's 12/31/15 balance sheet reports assets of $9,000,000 and liabilities of $3,750,000. All of XYZ's assets' book values approximate their fair value, except for land. What amount of goodwill should JZ record as a result of this purchase?

  Illustrate what should mary do

Arthur Jones is the partner in charge of the audit and plans to review the audit work in a few days. He is unaware of any potential delay. Illustrate what should Mary do?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd